Dec 15 (Reuters) – Canopy Growth led U.S. weed stocks higher in early European trading on Monday, adding to Friday’s rally following reports last week that the United States could soon ease restriction on marijuana.
The Washington Post reported on Thursday that Donald Trump was expected to push the government to dramatically loosen federal restrictions, while the CNBC said the U.S. President could issue an executive order as soon as on Monday.
Frankfurt-listed shares of Canopy Growth rose as much as 17.9% to their highest since May on Monday, following a 49% spike on Friday, while Tilray Brands and SNDL also extended Friday’s surge. They later pared some of the gains to trade up 8.8%, 2.8% and 3.2%, respectively.
Canopy Growth was among the most executed orders on German platform Tradegate, suggesting retail interest in the sector, along with Nvidia and defence group Rheinmetall.
According to the Washington Post, Trump plans to direct agencies to reclassify marijuana as a Schedule III drug, reducing oversight of the plant and its derivatives to the same level as some common prescription painkillers and other drugs.
(Reporting by Danilo Masoni; Editing by Amanda Cooper)
Comments